The 'AA+ (sf)' ratings assigned to North Carolina State Education Assistance Authority's (NCSEAA's) Federal Family Education Loan Program (FFELP) student loan backed notes series 2015-1 reflect: The transaction's initial parity of no less than 104%. The parity is defined as the percentage of total assets (the pool balance and the reserve account balance) divided by the note principal balance. The U.S. federal government's reinsurance of at least 97% of the loans' principal and interest. The timely interest and principal payments made in the stressed cash flow modeling scenarios that we believe are consistent with the assigned ratings. A scenario analysis indicating that under moderately stressful economic conditions (defined as 2.25x expected defaults), our ratings would remain within one rating category
